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Authority OKs bonds for planned community

POSTED: October 19, 2012 12:32 a.m.
 

The Forsyth County Development Authority signed off on a $45 million bond plan Thursday that will help build a senior housing community.

After having been postponed for several months, the resolution was approved in a 6-0 vote by authority members during their regular monthly meeting.

William Holby, an attorney with King & Spalding in Atlanta, presented the resolution to the group.

In March, the authority gave initial approval for the plan, which if ultimately approved by state courts, will allow Improved Living-Towne Club Windermere Assisted Living to access the capital markets to fund construction of a 142-unit senior housing community.

A public hearing was also held on the matter and the Forsyth County Commission gave its approval earlier this year.

Holby said the project, which is slated for a 14.5-acre site at the corner of Trammel Road and Windermere Parkway in south Forsyth, would consist of 90 independent living units, 34 assisted living units and 18 memory care units.

“From a timing prospective … we’ll move into the court validation of the documents and that’s about a three- to four-week process,” Holby said. “We’re anticipating the final pricing of these bonds will be established in a time that will allow us to close in probably late November or early December.

“At that point, we’ll be done. And probably in December, or at the latest the first quarter of next year, they will be ready to break ground and move forward on the project.”

Once finished, the facility is expected to provide 150 full-time jobs. Developer estimates place its annual impact on the county tax rolls at about $300,000 within 2.5 years of opening.

 

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